Tripadvisor重申其战略以增长体验和餐饮业务，同时调整元业务至更可持续的基础

www.bernsteinresearch.com TheFork— Business continuing to grow, but now with strong unit economics and moving to profitability.European exposure has served the company well, and lots more room to grow with limited competition, have pulled back fromglobal markets to focus on Europe in the past.Don't need every restaurant, but need the right restaurants.Can use AI to deliver reservations to restaurants not on platform, and help them convert onto the platform. Also seeing very strongB2B growth, working together well with the B2C side of the dining business.International opportunities— Mainly been US / US into Europe focused, opportunities to be a global platform.Brand synergies— Tripadvisor is unique in that it has a full experiences specific OTA, which benefits from having brand Tripadvisor asa powerful demand generation and guidance platform.Liberty Tripadvisor transaction— The transaction is now over, management had a year of focus on the topic, there was a level ofdistraction for senior management. This now simplifies TRIP’s story, with a single focus, and simplifies their capital structure. They will doa level of board renewal, and bring in new perspectives. Great to see interest from potential acquirers as part of the process, but focusedon executing company strategy, and the rest will take care of itself.Focused on leveraging trust, authenticity of content on platform, which help make the best recommendations. Believe user generateddata is an advantage, along with first party data from travelers interacting with their site. Seen strong growth, enguagement,conversion and ARPU in AI trip planner tool.Partnerships— Need to do both partnerships and develop in house, affirming that all scaled AI platforms wanted to work withTripadvisor, which allowed them to be considerate about partners. Partnering with Perplexity to understand AI search. Partnering withOpen AI, so they can adapt products to help then capture advantages of agentic AI. Partnership with Amazon helps understand cross-platform and multi modal AI. Partnership with Microsoft data partnership helps them understand how their data is valuable. Do not seedisintermediation as a threat, instead looking at how they can enhance their experience with AI tools.Presentation attendance:HighGLOBAL HOTELS & LEISURE •••AI: •••• 2 •• BERNSTEIN TICKER TABLETickerRatingTRIPSPXO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedSource: Bloomberg, Bernstein estimates and analysis.GLOBAL HOTELS & LEISURE I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates.VALUATION METHODOLOGYTripAdvisor IncWe value TRIP at a TP of $20 via (1) an NTM+1 EV/EBITDA multiple, which is a function of sales growth, EBITDA margin and cashconversion - benchmarked against peers, and (2) an NTM+1 P/E multiple. We value Tripadvisor on a 6.1x NTM+1 EV /EBITDAmultiple, and a 6.7x NTM+1 P/E multipleRISKSTripAdvisor IncDownside risks to target price:•Viator unit economics turn out to be less profitable than expected•Meta search revenues decline at a faster rate•Google targets more of Trip's revenue streamsRATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categorie